Officers were called to a three-vehicle collision at Finucane Drive, near Vienna Drive, at Alexandra Hills at about 5.30pm.
Early investigations suggest a Toyota Landcruiser, allegedly stolen by a 17-year-old boy, was driving dangerously through an intersection and collided into an oncoming truck.
The stolen vehicle then struck two pedestrians as it rolled, killing them at the scene, police said.
The 17-year-old fled from the scene before being arrested nearby and taken to hospital for minor injuries.
The Queensland Ambulance Service said 10 crews attended the scene, including members from the critical care unit and the medical director.
Police have urged drivers to avoid the area, with Vienna Road expected to be closed for several hours.